GOOD ON YA Friendly neighborhood $TK billion drug store company!

The nation's largest drugstore chain is acquiring Alliance Boots, a Switzerland-based drugstore chain with stores in England. But it won't attempt to relocate its headquarters overseas to take advantage of lower tax rates—a move known as a tax inversion.

Sky News reports:

Sources on both sides of the Atlantic said that Walgreens is likely to disclose as part of its announcement that it intends to remain a US-domiciled company rather than pursuing a so-called tax inversion which would involve moving its corporate headquarters to the UK or Switzerland.

The news will represent a significant victory for President Obama, who said recently that US companies which moved their headquarters overseas to save tax were damaging the country’s economy.

"My attitude is I don't care if it's legal, it's wrong," he said in July.

Wall Street is not happy. One of the factors in the company's decision? The risk of "consumer backlash." Damn straight.